Company Registration No. 08235046 (England and Wales)
PENRONA TRAINING SERVICES LTD
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
PENRONA TRAINING SERVICES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PENRONA TRAINING SERVICES LTD
Company Registration No. 08235046
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
10,844
4,536
Cash at bank and in hand
758
8,461
11,602
12,997
Creditors: amounts falling due within one year
4
(750)
(1,314)
Net current assets
10,852
11,683
Capital and reserves
Called up share capital
5
20
20
Profit and loss reserves
10,832
11,663
Total equity
10,852
11,683
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 March 2024 and are signed on its behalf by:
R A Lester
Director
PENRONA TRAINING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Penrona Training Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Green End, Surrey Gardens, East Horsley, Surrey, KT24 5HH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts show trade from the start of the period 01 November 2022 to the off the period 31 October 2023, where the company ceased trading. Therefore the accounts are not prepared on a going concern basis.
1.3
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
PENRONA TRAINING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
The Company has created a trust whose beneficiaries will include employees of the Company and their dependents. Assets held under this trust will be controlled by trustees who will be acting independently and entirely at their own discretion.
Where assets are held in the trust and these are considered by the Company to be in respect of services already provided by employees to the Company, the Company will account for these as assets of the trust when payment is made to the trust. The value transferred will be charged in the Company's profit and loss account for the year to which it relates.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
10,844
4,536
4
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
564
Other creditors
750
750
750
1,314
The company and Directors reached a tri partite agreement with HMRC in March 2019 to settle tax due in relation to Trust planning undertaken by the company in prior years. The amount of the settlement tax, including forward interest was £167,280, which is effectively to be funded by the Directors. An initial £30,000 was paid by the Directors in March 2019, and the balance of £137,280 is to be settled by the Directors in 84 monthly instalments of £1,634.
During the year more had been paid over to HMRC than the agreed instalments. At 31 October 2023, a balance of £0 was outstanding.
PENRONA TRAINING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
Ordinary A shares of £1 each
10
10
10
10
20
20
20
20
6
Directors' benefits: advances, credits and guarantees
At the beginning of the year the company was owed £4,536 by the directors. During the year, advances made by the directors totalled £71,943. Repayments made by the directors totalled £61,264 with one repayment in excess of £10,000. Interest on the balances was calculated at 2% up to March 2023 then at 2.25% for the following months, totalling £164. At the balance sheet date the balance due from the directors were £10,844.
This amount has been repaid via capital distribution post year end.